Friday, August 19, 2016

INDIA POST PAYMENTS BANK INCORPORATED

Press Information Bureau

Government of India

Ministry of Communications & Information Technology

18-August-2016 16:18 IST

India Post Payments Bank
Incorporated

The India Post Payments Bank
Limited has received the Certificate of Incorporation from the Registrar of
Companies, Ministry of Corporate Affairs yesterday under the Companies Act
2013. This would be the first PSU under the Department of Posts. This has
happened in the wake of Prime Minister Shri Narendra Modi’s Independence Day
address, raising the expectations of the people from the soon to be set up
India Post Payments Bank. With this move the Department of Posts has cleared an
important milestone on this journey.

With the incorporation,
the Board of the India Post Payments Bank Limited is likely to be constituted
soon. The incorporation of the IPPB Ltd is a significant step forward as this
also paves the way for the bank to begin hiring of banking professionals to set
up the bank and begin its operations in 2017. The Department of Posts is
expected to complete the roll out of its branches all over the country by
September 2017. This could be the fastest roll out for a bank anywhere in the
world.

The aspiration
for the India Post Payments Bank is to become the most accessible bank in the
world riding on state of the art banking and payments technology. Coupled with
the physical presence across 1.55 lakh post offices and the reach of “The
Dakiya”, the India Post Payments Bank aims to become a powerful and effective
vehicle of real financial inclusion in the country. It is poised to create a
national payments architecture riding on a modern payments platform and
ubiquitous information and communication technologies that can be accessed by
all users and service providers like never before. The stakeholders of the
India Post Payments Bank within the Government and outside are looking at this
new entity as a catalyst to social and financial inclusion.

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